Tapgol Park, located in central Seoul, is a popular destination for local seniors. (Yonhap)
SEOUL, Jan. 17 (Korea Bizwire) — In the face of a growing aged population, the index for the quality of life for the elderly in South Korea is below average compared to other member countries of the Organization for Economic Cooperation and Development (OECD).
In particular, South Korean ranked the lowest in social solidarity among advanced countries.
The Korea Labor Force Development Institute for the Aged, affiliated with the Ministry of Health and Welfare, released the following findings Thursday.
The researchers developed indicators in five areas: productivity and social participation, well-being, equity, integrity and stability.
As a result, the nation’s overall score was 53, ranking 20th out of 34 countries.
By index, the stability index, the productivity and social participation index, and the well-being index were higher than the OECD average.
On the other hand, the integrity index stood at the bottom. South Korea ranked only 26th in the equity index.
Productivity and social participation included labor participation rates, actual retirement age, volunteer time and participation in re-education.
The well-being index calculated objective well-being, the average number of years that people aged 65 or older are expected to live in good health, and subjective well-being felt by those aged 50 or older about their satisfaction with life.
Equity was calculated by the Gini coefficient, poverty risk, food security, and the percentage of high school and higher education completion.
The integrity index was based on the presence of trusted acquaintances, neighbor trustworthiness, shared experiences with other generations, and the ratio of children to cohabitation.
The stability index calculated the relative income of the elderly, the present value of pension benefits, the ratio of public spending on long-term care protection, physical safety and government external debt.
The results suggest the importance of individual and social efforts to explore the direction of the active old age in the country and devise a blueprint for vibrant senior years, the researchers said.
D. M. Park (dmpark@koreabizwire.com)
